That makes it the second-largest publicly traded bitcoin treasury, while Japan-based Metaplanet is approaching its holdings with approximately 43,000 BTC. Why Does Twenty One Want To Become More Than A Bitcoin Treasury? “Twenty One owns one of the largest Bitcoin balance sheets in the public markets,” Zagury wrote. “That is a real advantage, but if Twenty One is going to be worth owning, it must become more than a Bitcoin treasury.” Can Bitcoin Lending And M&A Close The Valuation Gap?